Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Mastercard Incorporated reported robust financial and operational results for the fourth quarter and full year 2025, reflecting growth across key metrics despite macroeconomic and geopolitical uncertainties.</li><li>Net revenues increased 15% year-over-year on a non-GAAP currency-neutral basis for Q4, driven notably by a 22% rise in value-added services and solutions.</li><li>These growth areas benefited from a diversified business model spanning geographies, payment types, and services, with acceleration in digital commerce, cross-border transactions, and security offerings.</li></ul>

Mastercard Incorporated reported robust financial and operational results for the fourth quarter and full year 2025, reflecting growth across key metrics despite macroeconomic and geopolitical uncertainties.Net revenues increased 15% year-over-year on a non-GAAP currency-neutral basis for Q4, driven notably by a 22% rise in value-added services and solutions.These growth areas benefited from a diversified business model spanning geographies, payment types, and services, with acceleration in digital commerce, cross-border transactions, and security offerings.

Mastercard: 77% Contactless Penetration Signals The Real Growth Engine Not The Headline Revenue!

<ul><li>Mastercard has made its view on stablecoins pretty clear.</li><li>It does not seem them as a novelty, and it does not present them as a direct threat to cards.</li><li>Instead, management has framed digital currencies as another way to move value across a broader payments stack.</li></ul>

Mastercard has made its view on stablecoins pretty clear.It does not seem them as a novelty, and it does not present them as a direct threat to cards.Instead, management has framed digital currencies as another way to move value across a broader payments stack.

Mastercard’s BVNK Acquisition Could Change More Than Crypto!

<ul><li>Mastercard Incorporated reported strong results for the fourth quarter and the full year of 2025, with net revenues climbing 15% year-over-year, driven largely by a 22% increase in value-added services and solutions revenues on a non-GAAP currency-neutral basis.</li><li>This pattern of consistent growth is attributed to its clear strategic execution, diversified offerings, and adaptability in a changing business environment.</li><li>Operational highlights include significant card issuance wins and renewals with key partners like Capital One, Yapi Kredi, and Scotiabank, reflecting its competitive positioning and the trust placed in its network capabilities.</li></ul>

Mastercard Incorporated reported strong results for the fourth quarter and the full year of 2025, with net revenues climbing 15% year-over-year, driven largely by a 22% increase in value-added services and solutions revenues on a non-GAAP currency-neutral basis.This pattern of consistent growth is attributed to its clear strategic execution, diversified offerings, and adaptability in a changing business environment.Operational highlights include significant card issuance wins and renewals with key partners like Capital One, Yapi Kredi, and Scotiabank, reflecting its competitive positioning and the trust placed in its network capabilities.

Mastercard’s Digital Transformation Push: How Is It Reinventing Payments for the Next Economy?

<ul><li>In a notable shift from its earlier acquisition ambitions, Mastercard is now weighing a strategic minority investment in blockchain infrastructure firm Zerohash after previous buyout talks broke down.</li><li>The payments giant had been in late-stage negotiations to acquire the Chicago-based startup for $1.5 billion to $2.0 billion as of October 2025, but the discussions ultimately collapsed when Zerohash opted to remain independent.</li><li>This strategic pivot to a potential minority stake signals more than a tactical change in deal structure—it reflects evolving dynamics in digital asset valuations, heightened corporate risk aversion, and a growing preference among incumbents to influence rather than control blockchain-native firms.</li></ul>

In a notable shift from its earlier acquisition ambitions, Mastercard is now weighing a strategic minority investment in blockchain infrastructure firm Zerohash after previous buyout talks broke down.The payments giant had been in late-stage negotiations to acquire the Chicago-based startup for $1.5 billion to $2.0 billion as of October 2025, but the discussions ultimately collapsed when Zerohash opted to remain independent.This strategic pivot to a potential minority stake signals more than a tactical change in deal structure—it reflects evolving dynamics in digital asset valuations, heightened corporate risk aversion, and a growing preference among incumbents to influence rather than control blockchain-native firms.

Mastercard Isn’t Buying Zerohash Anymore—Here’s the Real Reason!

<ul><li>Mastercard Incorporated reported robust financial performance in the third quarter of 2025.</li><li>The company's net revenue rose by 15% on a non-GAAP currency-neutral basis, attributed to strong growth in both the payment network and value-added services and solutions.</li><li>The latter segment, in particular, grew by 22%, with acquisitions like Recorded Future contributing modestly to this growth.</li></ul>

Mastercard Incorporated reported robust financial performance in the third quarter of 2025.The company's net revenue rose by 15% on a non-GAAP currency-neutral basis, attributed to strong growth in both the payment network and value-added services and solutions.The latter segment, in particular, grew by 22%, with acquisitions like Recorded Future contributing modestly to this growth.

Mastercard’s AI + Payments Vision Is Becoming Reality—Can Visa Keep Up?

United States

MasterCard, Inc. is a global payment solutions company that provides a variety of services in support of the credit, debit and related payment programs of financial institutions. The Company offers transaction processing services for credit and debit cards, electronic cash, automated teller machines, and travelers checks.

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Mastercard (MA US)

Mastercard: 77% Contactless Penetration Signals The Real Growth Engine Not The Headline Revenue!

Mastercard Incorporated reported robust financial and operational results for the fourth quarter and full year 2025, reflecting growth across key...

Baptista Research

Mastercard’s BVNK Acquisition Could Change More Than Crypto!

Mastercard has made its view on stablecoins pretty clear. It does not seem them as a novelty, and it does not present them as a direct threat to...

Baptista Research

Mastercard’s Digital Transformation Push: How Is It Reinventing Payments for the Next Economy?

Mastercard Incorporated reported strong results for the fourth quarter and the full year of 2025, with net revenues climbing 15% year-over-year,...

Baptista Research

Mastercard Isn’t Buying Zerohash Anymore—Here’s the Real Reason!

In a notable shift from its earlier acquisition ambitions, Mastercard is now weighing a strategic minority investment in blockchain infrastructure...

Baptista Research

Mastercard’s AI + Payments Vision Is Becoming Reality—Can Visa Keep Up?

Mastercard Incorporated reported robust financial performance in the third quarter of 2025. The company's net revenue rose by 15% on a non-GAAP...

Baptista Research

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